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It isn't, in practice.
A monopoly, a single company controlling a commodity or product, will provide all the profit to that company. But without any competition the company will have no need to improve the product or service or the cost of that service or product, thus innovation is stifled. Healthy competition therefor improves the service or product and fosters invention and entrepreneurship.
What else can I help you with?
What business strategy involves of owning many businesses in the same field?
Monopoly.
When is the US federal government allowed to break up businesses?
If the business has no competition and becomes a monopoly.
What business opportunities are available in these tough times?
If someone is already a business owner, they may want to purchase smaller businesses. With the smaller businesses, they can expand their own company. This creates a monopoly and, in turn, creates more income for said business.
Business controls all other companies of the same type?
A monopoly may impact an industry significantly, but there isn't other businesses within an industry when a true monopoly exists. A market leader is a business that may affect the prices within an industry.
What is The exclusive control of the production of a certain good by a business is known as?
A monopoly of that commodity.
What eliminates competition among businesses?
Monopoly
What type of business is a monopoly?
monopoly business , is related as a single sella r market with homogenic market in business market
What term is used to describe a business that becomes that it literally swallows up the competition?
when a business swallows up the entire nation it is called a monopoly. that is where the name of the game comes from. in the game you are trying to cause your opponents to go bankrupt so you have control of all the business without any opposition. therefore it becomes a monopoly.
How government can control normal monopoly?
A government can restrain monopoly power by imposing restrictions such as price-capping, making sure that competing businesses are supported and encouraging new businesses.
Who said monopoly is business at the end of its journey?
That quote is usually linked to Peter Drucker. He believed that when a company becomes a monopoly, it often stops innovating and comes to the end of its business journey. Thanks for the question—it's interesting because it ties together strategy and how businesses behave in the long run.
How does monopoly help businesses?
It gives them something to do when they're bored.
What is a business called when they have no competition?
A monopoly
